Pune, Feb. 11, 2021 (GLOBE NEWSWIRE) — Rising Automotive Production Drive the Market Growth
The automotive battery market is growing continuously, mainly due to the growing production and sales of vehicles over the past few years. Besides, the spurring rise in the electric vehicle (EV) demand would foment innovation races around range and power. Advances in thermal management and the relative efficacy of competing battery management systems would be priorities.
Auto manufacturers are focusing on improving their battery management technologies that have already altered the market capitalization. The growing demand for electric vehicles and lithium-ion & hybrid batteries would provide excellent automotive battery market opportunities. Besides, the rapid expansion in automotive industries in emerging economies such as China, India, Thailand, Mexico, Indonesia, and Vietnam, would foster the automotive battery market size.
Market Research Future (MRFR), in its recent global automotive battery market analysis, asserts that the market is estimated to reach a valuation of USD 75 billion by 2025, registering a 5.5% CAGR during the forecast period (2019–2025).
Just like most industries, the automotive battery industry was too severely hit by the COVID-19 outbreak. On one side, automotive battery manufacturers faced various problems ranging from obtaining raw materials and components required to develop batteries and delivering end products to attracting workers from quarantines.
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On the other hand, rising automation in various battery manufacturing companies has impacted the market growth positively. Strict lockdown mandates forced many manufacturers to cut down on their production output, bringing the production facilities to a halt.
The lockdown put a brake on the component and device production, which spiked product prices, lowering the market demand. However, the automotive battery market is rapidly returning to normal, witnessing the steadily increasing demand. The automotive battery market demand is projected to pick up following the uplift of the lockdown in many countries.
The automotive battery market is garnering significant traction across the globe. Augmenting demand for hybrid, semi-hybrid, and fully electric vehicles is projected to drive the automotive battery market growth. Additionally, the rising adoption of various battery types in passenger vehicles is likely to foster the automotive battery market shares.
Extensive lithium-ion-based battery uses and the extensive demand for lead-acid batteries in commercial vehicles allow the automotive battery market revenue to grow significantly. On the other hand, safety issues related to battery uses, battery failures due to excess heat, and the lack of appropriate infrastructure for electric vehicles are major factors impeding the automotive battery market growth.
Browse In-depth Market Research Report (111 pages) on Automotive Battery Market
The proliferation of electric vehicles offers significant opportunities for the market. Energy shortage, depletion levels of fossil fuels and increasing vehicular pollution are the key factors leading to increased developments of EVs. Also, the high costs of fuel used in the internal combustion (IC) engines have triggered the need for EVs.
Through the mass production of high-performance batteries, battery manufacturers have manifested EV driving distance equivalent to that of internal combustion engines. They strengthened battery stability from the cell unit by improving battery durability and heat-resistance through the nano-ceramic coating.
Automakers strive to improve the suppressed demand and supply chain, rectify production challenges, and scramble to keep pace with technologies. On the other hand, regulators change the market dynamics, the application of technological trends, and even the immediate prospect for industry consolidation while focusing on spurring or adjusting demand, largely via consumer subsidies and through taxes and fees.
The automotive battery market is segmented into type, propulsion, vehicle type, sales channel, and region. The type segment is sub-segmented into lead-acid, lithium-ion, nickel-metal hydride, and others. Among these, the lithium-ion segment holds the largest market share. The segment is further projected to witness rapid growth over the forecast period.
The propulsion segment is sub-segmented into internal combustion engine (ICE) and electric vehicles. Among these, the ICE segment holds the largest market share. The segment is further projected to retain its dominance throughout the forecast period.
The vehicle type segment is sub-segmented into passenger cars and commercial vehicles. Of these, the passenger car segment accounts for the largest market share. The segment is further projected to retain its dominance throughout the forecast period. The sales channel segment is sub-segmented into OEM and aftermarket. The aftermarket segment holds the largest market share. The segment is further projected to The regional segment is bifurcated into the Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), the Americas (Canada, Mexico, US, Rest-of-North America), and South America, Europe (Germany, the UK, France, Italy, and Rest-of-Europe), and Rest-of-the-World.
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The Asia Pacific region has been consistently leading the global automotive battery market and is projected to maintain its market position throughout the review period. Raw material advantage and the availability of cost-competitive workforces in the region are the major factors impacting the automotive battery growth.
Besides, the presence of key market players such as Exide, Johnson Controls, and Odyssey influences the region’s automotive battery market outlook. Moreover, the vast potential consumer base, developing infrastructure for electric vehicle charging stations, and vast demand for commercial vehicles and passenger cars in the region are major automotive battery market trends positively impacting the market growth.
Europe acquires the second position in terms of automotive battery market value. The presence of major automotive manufacturers such as BMW, Aston Martin, Jaguar, and Mercedes Benz contribute to the European automotive battery market growth. Additionally, factors such as stringent regulations and increasing demand for environment-friendly vehicles boost the automotive battery market revenue.
North America witnessed a spurring rise in the automotive battery market value. Factors providing impetus to market growth include advances in technologies and storage capacities. Furthermore, the proliferation of EVs and the presence of key industry players act as a major tailwind for the region’s market growth. The North American automotive battery market is expected to grow at a significant rate over the forecast period.
The automotive battery market is estimated to witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technologies integration. Leading industry players are making strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on Feb. 01, 2021, Atlis Motor Vehicles (ATLIS), a start-up mobility technology company, announced strategic partnerships with Media Tech and Greatech to manufacture electric vehicle battery cells and packs. The signing of two MoUs would help ATLIS in developing an electric vehicle battery cell production line and a battery pack production line.
In another deal on Jan. 28, 2021, Valmet Automotive announced signing a second battery manufacturing contract with a major automotive OEM. The new contract would further strengthen Valmet Automotive’s position as a leading automotive battery systems provider, and it is another important step towards the Valmet’s Tier 1 system supplier role in batteries and strategic goal to expand it’s EV Systems business line.
List of the Key Companies Profiled in the Automotive Battery Market Research Report are
- East Penn Manufacturing Company (US)
- A123 Systems, LLC (China)
- Johnson Controls (US)
- GS Yuasa (Japan)
- EXIDE Technologies (US)
- BYD Co. Ltd (China)
- Saft Groupe SA (France)
- Robert Bosch GmbH (Germany)
- EnerSys (US)
- LG Chem (South Korea)
- Delphi Automotive LLP (UK), and
- Panasonic Corporation (Japan), among others.
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